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Patch holes in property register, implement it quickly to halt US$115 billion in yearly money laundering, UK government told

Proposals for the first register of foreign-owned property aimed at preventing “McMafia-style” money laundering should be put in practice urgently and reinforced to plug potential loopholes, the UK government has been told.Draft legislation contains insufficient verification checks to deter criminals from submitting false information and could allow those exploiting trusts to circumvent controls, MPs and peers have said.More than £90 billion (US$114.7 billion) is estimated to be laundered… Source link

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Singapore 

‘Influencer’ PM Lee avoided social media in the past because of what dad Lee Kuan Yew told him, Singapore News

1.2 million. That’s the number of followers Lee Hsien Loong commands on Facebook. This was what prompted interviewers Kym Ng and Evelyn Lam to declare Singapore’s prime minister an “influencer”. Although Lee was quick to qualify that “1.2 million accounts [do not mean] they’re all fans” during a Mandarin interview shown on Mediacorp Channel 8 last night (April 28), it’s fair to say the country’s leader is popular, at least on social media. On Instagram, Lee has 383,000 followers and his posts on both platforms are usually well received. His…

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Nissan Rogue SUVs’ automatic braking should be investigated, US government told

In this Wednesday, April 3, 2019, file photo, former Nissan Chairman Carlos Ghosn, centre, leaves his lawyer’s office in Tokyo. Tokyo prosecutors arrested Ghosn on Thursday, April 4, 2019 for a fourth time on fresh allegations that cut short his brief time outside detention. (Sadayuki Goto/Kyodo News via AP, File) Source link

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China 

Almost one-third of Chinese cities are shrinking, but urban planners told to keep building

The perception that China’s urbanisation is still in full swing is untrue for nearly one-third of Chinese cities, whose populations are shrinking, according to new findings by a Chinese university.A research team from Tsinghua University used satellite imagery to monitor the intensity of night lights in more than 3,300 cities and towns between 2013 and 2016. In 28 per cent of cases, the lights had dimmed.China now has 938 shrinking cities, according to Long Ying, an urban planning expert at… Source link

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Overseas buyers told they can’t purchase more of hot Chinese stock – and MSCI gives it the boot

The recent blizzard of overseas buying of Chinese stocks has brought about an outcome with Chinese characteristics – one of the hottest stocks hit a limit on foreign ownership and can’t be bought by foreigners for now.Han’s Laser Technology Industry Group is the hot stock suddenly in the spotlight.Last year, index compiler MSCI added it to the basket of Chinese A-shares that are part of its global gauges. But with the sudden surge in demand for A-shares, Hans Laser suddenly hit the 28 per cent… Source link

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Vietnam 

Central region told to develop tourism as key economic sector – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News THỪA THIÊN-HUẾ — The Central and Central Highlands Region has been told to work harder to make tourism a key economic sector of the whole region. Speaking at a conference seeking solutions for the development of regional tourism, Prime Minister Nguyễn Xuân Phúc urged 19 provinces in this region to work harder for a common plan to boost the growth of tourism. “Tourism [in the region] has seen a slow pace of progresses in both service type and service quality. Operations of the sector…

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US tech supremacy and millions of jobs at stake if China gains 5G lead, congressional hearing told

The United States stands to lose millions of jobs and its competitiveness if it does not check the ambitions of China to gain leadership in 5G mobile technology, a congressional hearing was told this week. China has a coordinated state-led strategy for developing its science and technology that is not matched by the US federal government, Michael Wessel, the commissioner for the US-China Economic & Security Review Commission, said on Wednesday. The measures employed by China involve both legal and illegal means, ranging from state subsidies to procurement protectionism to…

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Vietnam 

Financial advisory council to the Government told to focus on science-technology – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Deputy Prime Minister Vương Đình Huệ asked members of the National Financial and Monetary Policy Advisory Council to view science-technology as a ‘driver of growth’ rather than just an academic subject in its policy development process. Deputy PM Huệ, who served as the advisory council’s chair, made the request at the first quarter meeting held on Saturday. He asked the council’s members and scientists to “contribute their knowledge” to the Government’s building of socio-economic development strategy over the next 10 years. At…

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Vietnam 

VN firms told to improve production technologies – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY — Vietnamese companies need to improve their production technologies and strengthen linkages with foreign companies to improve their competitiveness in both domestic and overseas markets, a seminar heard in HCM City on Wednesday. Lê Hoài Quốc, head of the management board of the Saigon High Tech Park, told the Việt Nam-Korea production technology seminar that 97 per cent of companies in the country are small and use modest technologies. According to the HCM City Association of Mechanical – Electrical Enterprises, the computer…

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Arrested Huawei CFO Sabrina Meng Wanzhou told staff ‘one may accept the risk of temporary non-compliance’ in some cases

Huawei chief financial officer Sabrina Meng Wanzhou, who is arrested in Canada and facing a US extradition request, had told employees in an internal talk on compliance that there are scenarios where the company can weigh the costs and accept the risks of not meeting the requirements of the law. Meng took part in an internal question-and-answer session on October 29 with Huawei founder Ren Zhengfei, where father and daughter shared their views on compliance. Both executives made references to the need to control the costs of compliance and not…

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